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UK Government Cuts Stake in Lloyds Banking Group Below 8%

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LONDON--Lloyds Banking Group PLC (LYG) said Tuesday the U.K. Government has lowered its shareholding in the bank to 5.70 billion shares, or 7.99% of its issued share capital.

The U.K. Government previously held 6.42 billion shares, or 8.99905%.

No price was disclosed for the share sale, which was conducted on Monday.

Lloyds, the U.K.'s biggest retail bank, was bailed out by U.K. taxpayers during the financial crisis, with the government taking a 39% stake. The government started selling its shares in the bank in late 2013.

Earlier this month, Treasury chief Philip Hammond said the government would begin to sell its 9.1% stake in Lloyds through a trading plan, withdrawing the planned retail sale. He blamed ongoing market volatility for pulling the planned retail offer.